In German what is, or is there an equivalent to "ing"?
I.e., when I want to say for example, "we are practicing" is there a consistent rule or suffix that I would use to indicate that this action is currently ongoing?
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There isn't. German doesn't mark the continous aspect of an action in its verbs. (The perfect aspect of an action is handled very differently as well.)
If you want to tell that an action is ongoing, you can use an adverbial as e.g. gerade or im Moment. But that sounds clumsy most of the time which is why we only mark the continous aspect if it cannot be told from context anyways.
We practice. — Wir üben.
We are practicing. — Wir üben.
We are practicing at this moment. — Wir üben gerade.
And yes, that means when you are translating from German to English, you have to understand the context and invent those markings English requires out of thin air.